Moody’s upgraded Volvo Car’s CFR rating to Ba1

Deniz Kılınç / İstanbul, May 4 (DHA) – Moody’s Investor’s Service has upgraded Volvo Car’s corporate family rating (CFR) to Ba1 from Ba2.
Following the CFR, Moody’s also upgraded the company’s probability of default (PDR) to Ba1-PD from Ba2-PD and senior unsecured notes rating to Ba1 from Ba2.
Concurrently while Moody’s rated the outlook as stable, Volvo Car Senior Vice President and lead analyst Falk Frey evaluated the ratings as follows: "The upgrade of Volvo's ratings was driven by continued improvements in its operating performance and credit metrics and our expectation that this trend will continue in the current fiscal year founded by further successful new model launches."